Research Nester released a report titled “Cochlear Implants Market: Global Demand Analysis & Opportunity Outlook 2027”which delivers detailed overview of the global cochlear implants market in terms of market segmentation by product, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
According to a recent report by the World Health Organization, about 466 million people have disabling hearing loss worldwide, out of which, 34 million are children. Moreover, it is estimated that over 900 million people will have disabling hearing loss by 2050.
The market for cochlear implants is anticipated to record a CAGR of around 9.5% over the forecast period, i.e., 2019-2027. The market is segmented by product, by end user and by region, out of which, the product segment is further bifurcated into unilateral implants and bilateral implants.
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On the basis of the product segment, the unilateral implants segment is projected to hold the largest share in the cochlear implants market. This can be attributed to the cheaper cost of the surgical procedure for unilateral implants as compared to that of bilateral implants.
The largest share in the cochlear implants market is predicted to be held by the market in North America. This can be attributed to the presence of developed countries such as the U.S. and Canada which have a highly established healthcare sector. However, the market in Asia Pacific is estimated to grow at the highest rate over the forecast period on account of increasing government initiatives for promoting healthcare infrastructure.
Rising Geriatric Population to Propel the Market Growth
The growing population, especially the elderly population, is anticipated to become a major growth driving factor for the market. The demand for hearing aids, cochlear implants and other such devices increases with growing age. Further, the increasing healthcare spending by people across all regions is another factor predicted to contribute towards the market growth over the forecast period. Despite these growth factors, there are some restraining factors that are estimated to limit the growth of this market in the upcoming years. For instance, the process of inserting a device into the ear might completely damage the ear, resulting in a total loss of hearing.
This report also provides the existing competitive scenario of some of the key players of the global cochlear implants market which includes company profiling of Cochlear Ltd. (ASX: COH), Advanced Bionics AG, MED-EL, Demant A/S (CPH: DEMANT), Nurotron Biotechnology Co. Ltd., Sonova (SWX: SOON) and Starkey.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cochlear implants market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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